How American cities blew it spending $$ on stadiums and cutting schools

Remember, public financed stadiums promised to generate millions of jobs & billions to GOP donors. The 2nd part was true. The 1st, meh, not so much:

An analysis by The Wall Street Journal shows that of the 23 National Football League stadiums built or renovated between 1992 and 2010, only two involved a single county government willing to shoulder the debt burden necessary to build costly new facilities. Of those 23 deals, the Bengals pact was unusually lopsided in favor of the team and risky for taxpayers—the result of strained negotiations between a local government and the professional sports team it was anxious to keep.

Teams were given public land and rent abatements. Some received new stadiums worth upwards of half a billion dollars, paid for in large part with government bonds.

Awesome. I blame the teacher’s union for this awesome deal & propose restricting their collective bargaining rights as a fix.

Another problem solved. You’re welcome, America.

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Filed under Corporate cronyism, Corrupt pigs, Crony capitalism, Social services, Socialism, Sports, Zombie ideas

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